Synopsis : Indian equities fell sharply as new 50% tariffs on US exports rattled investor sentiment, dragging Sensex down 250 points and Nifty below 24,650. IT, Realty, and Pharma stocks led the decline, while only select consumer durables managed gains.
Indian stock markets traded in the red on Thursday, August 28, as global trade tensions spilled over into Dalal Street. The BSE Sensex fell 481 points (0.60%) to 80,305, while the Nifty50 slid 127 points (0.51%) to 24,585, breaching the 24,600 level.
The sell-off followed the implementation of steep 50% tariffs on US exports, imposed in response to India’s continued purchase of Russian crude oil. These tariffs, among the highest in Asia, have intensified tensions between New Delhi and Washington.
Top Losers & Gainers:
Heavyweights including HCL Tech, HDFC Bank, Infosys, Power Grid, Ultratech Cement, ICICI Bank, TCS, Tata Motors, Sun Pharma, Reliance Industries, and NTPC dragged markets lower. On the other hand, Asian Paints, Larsen & Toubro, Adani Ports, Titan, and Eternal resisted the fall.
Sectoral Pressure:
Barring the Nifty Consumer Durables index (+0.30%), all sectoral indices ended in the red. The Nifty IT and Nifty Realty indices fell over 1%, while Bank Nifty and Metal indices dropped nearly 0.9% each. Nifty Pharma also slipped sharply.
Broader markets mirrored the weak sentiment with Nifty MidCap and SmallCap indices down 0.83% each, while volatility surged as India VIX spiked 3%.
Impact on Export Sectors:
Sectors highly dependent on US exports—including apparel, textiles, auto parts, engineering goods, gems and jewellery, shrimp, and carpets—came under investor scrutiny.
IPO Corner:
On the IPO front, Anlon Healthcare and Vikran Engineering entered their second subscription day on the mainboard, while Mangal Electrical Industries made a weak market debut. In the SME space, Globtier Infotech and NIS Management IPOs are set to close today, while Oval Projects Engineering opened for bids. Meanwhile, Current Infraprojects and Sattva Engineering Construction continued into their second day.
Market experts suggest that volatility may persist as investors weigh the long-term impact of the tariff move alongside global macroeconomic cues.
Disclaimer : This article is for informational purposes only and does not constitute financial or investment advice. Investors should conduct their own research or consult a financial advisor before making market decisions.
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